Foreign Remittance amount

Schedule OS of ITR 2 ... 

Thank you Sir for your quick reply.

You are welcome.               

Respected Sir,

I want to know about foreign income or remitance:

if a NRI purchases a Flat in india and payment through NRI bank above Rs.50 lacs and TDS deducted at the time of payment. But the amount directly transfer to flat seller,s bank from foreign account. 

want to know:

1) is the amount as treat foreign income?

2) how much income from foreign is exempted in income tax in india?

3) in this case which ITR is best for return?

1. It is not foreign income, as it is received on account of sell of property.
2. There's no upper exemption limit for remittances; the relevant exemption is that genuine foreign income is not taxable for NRIs in India. 
3.  File ITR 2, if no business income.

If the ₹259 is a gift or other income received from abroad, report it under Schedule OS (Other Sources) in ITR-2, provided the client has no business or professional income. A foreign remittance is not automatically taxable just because it came from abroad: its tax treatment depends on what it represents (for example, a gift, salary, service payment or reimbursement) and the recipient’s residential status. If it is a gift, also check the relative/exemption rules under section 56(2)(x).

The ITR’s foreign-source/foreign-income schedules may be prompting because the amount has been identified as foreign-sourced; the applicable schedule depends on the nature of the receipt and the client’s residence status. Check the precise error text and the relevant foreign-income fields rather than shifting it to ITR-3 solely to clear validation.

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